Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of a lifetime gift cap on the ability of family (a) farms and (b) businesses to mitigate changes to (i) Agricultural and (ii) Business Property Relief.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

There is no lifetime cap on gifts for inheritance tax purposes. Information on the rules is available at www.gov.uk/inheritance-tax/gifts.

The Chancellor of the Exchequer makes tax policy decisions at fiscal events and the Government does not comment on speculation around future changes to tax policy.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether organisations representing the (a) agricultural and (b) small business sectors have been consulted on the potential introduction of a lifetime cap on gifts for inheritance tax.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

There is no lifetime cap on gifts for inheritance tax purposes. Information on the rules is available at www.gov.uk/inheritance-tax/gifts.

The Chancellor of the Exchequer makes tax policy decisions at fiscal events and the Government does not comment on speculation around future changes to tax policy.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department has undertaken modelling on the potential impact of a lifetime cap on gifts for inheritance tax on (a) businesses and (b) individuals.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

There is no lifetime cap on gifts for inheritance tax purposes. Information on the rules is available at www.gov.uk/inheritance-tax/gifts.

The Chancellor of the Exchequer makes tax policy decisions at fiscal events and the Government does not comment on speculation around future changes to tax policy.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential impact of a potential lifetime gift cap on (a) family (i) farm and (ii) business viability between generations, (b) productivity, (c) food security and (d) job numbers.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

There is no lifetime cap on gifts for inheritance tax purposes. Information on the rules is available at www.gov.uk/inheritance-tax/gifts.

The Chancellor of the Exchequer makes tax policy decisions at fiscal events and the Government does not comment on speculation around future changes to tax policy.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department has considered introducing a lifetime cap on gifts for Inheritance Tax purposes.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

There is no lifetime cap on gifts for inheritance tax purposes. Information on the rules is available at www.gov.uk/inheritance-tax/gifts.

The Chancellor of the Exchequer makes tax policy decisions at fiscal events and the Government does not comment on speculation around future changes to tax policy.

Agriculture

No description available

The UK Government has committed to increase defence spending to 2.6% of GDP by 2027, with plans to reach 3% in the next Parliament. Given Scotland’s significant role in the UK’s defence sector, this inquiry will explore how Scotland’s economy and job market can benefit, particularly through the creation of highly skilled jobs. The Committee will examine existing skills gaps in the sector, how they can be addressed to maximise the economic impact of investment, and the UK Government’s role in supporting the creation and retention of the skilled jobs needed to grow the defence industry. It will also consider how Scotland can support the delivery of the Defence Industrial Strategy, the Ministry of Defence’s engagement with Scottish SMEs, which dominate the Scottish private sector, as well as the use of local supply chains.